Future of North Sea oil field project is doubt after Shell quits

Future of North Sea oil field project that could create 1,000 jobs is plunged into doubt after Shell quits

  • Cambo oil development could produce up to 170 billion oil barrels over 25 jare
  • If the project fails to go ahead, the UK will become more reliant on imported oil
  • Oil giant Shell says economic case for involvement is no longer strong enough
  • Britain’s North Sea industry has suffered a hammer blow after Shell pulled out of the Cambo oil field development.

    The future of the proposed field, which could create 1,000 jobs and thousands more in the supply chain, has now been thrown into doubt.

    Oil giant Shell said the economic case for involvement in the site, which needs £1.9billion in investment, is no longer strong enough. It also cited a potential for delays.

    Critics claimed First Minister Nicola Sturgeon had contributed to the decision by announcing she would not support Cambo or other new fields. Cambo has been criticised by climate groups.

    Shell had a 30 per cent stake in Cambo alongside majority stakeholder Siccar Point Energy.

    Critics claimed First Minister Nicola Sturgeon had contributed to the decision by announcing she would not support Cambo or other new fields

    Critics claimed First Minister Nicola Sturgeon had contributed to the decision by announcing she would not support Cambo or other new fields

    The development, wat is 75 miles west of Shetland, could produce up to 170 billion barrels of oil over 25 years – enough to power the UK for four months. It could also produce enough gas to power 1.5 million homes for a year. If it fails to go ahead, the UK will become more reliant on imported oil.

    A climate assessment is currently being carried out on Cambo and the Oil and Gas Authority is expected to tell ministers whether it will be given the green light within weeks.

    Jonathan Roger, chief executive of Siccar Point Energy, gesê: ‘Cambo remains critical to the UK’s energy security and economyWe will continue to engage with the UK Government and wider stakeholders on the future development of Cambo.’

    Shell said continued investment in oil and gas remains ‘critical’ to keep the lights on. 'N Woordvoerder het gesê: ‘We believe the North Sea – and Shell in it – have a critical role to play in the UK’s energy mix, supporting the jobs and skills to enable a smooth transition to Britain’s low-carbon future.’

    Oil giant Shell said the economic case for involvement in the site, which needs £1.9billion in investment, is no longer strong enough. It also cited a potential for delays

    Oil giant Shell said the economic case for involvement in the site, which needs £1.9billion in investment, is no longer strong enough. It also cited a potential for delays

    Oil giant Shell said the economic case for involvement in the site, which needs £1.9billion in investment, is no longer strong enough. It also cited a potential for delays

    Oil giant Shell said the economic case for involvement in the site, which needs £1.9billion in investment, is no longer strong enough. It also cited a potential for delays

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